|CHARLESTON, WV – In a move to address the growing need for housing in areas experiencing economic expansion, Gov. Jim Justice proposed in his budget an allocation of $50 million in surplus funds to support the construction of new single- and multi-family housing units across West Virginia.
Gov. Justice discussed the budget proposal and the need for additional housing during his regularly scheduled Administration Update Briefing.
“West Virginia is booming, and with new companies and a thriving tourism industry, we need homes for our growing workforce,” Gov Justice said. “This proposed investment is a strategic step towards ensuring our communities have the capacity to welcome and retain talented individuals who are discovering what we’ve known all along: that West Virginia is the best place to live, work, and raise a family.”
The Governor’s proposal comes at a time of unprecedented economic growth in the state. Recent developments, including the arrival of major employers like Berkshire Hathaway and Nucor, coupled with the establishment of the New River Gorge National Park and Preserve, have fueled significant demand for housing in areas across the state.
“Housing is a critical component of economic development,” said Erica Boggess, Executive Director of the West Virginia Housing Development Fund (WVHDF), the state’s housing finance agency. “The people who come to work for companies like LG Electronics or Nucor or for our new national park need suitable, affordable homes. We are grateful the Governor has recognized this need and the Housing Development Fund stands ready to bring new and affordable housing to our workers in areas across the state.”
While the details of the proposed program are still under development, the WVHDF anticipates utilizing the majority of the funds for:Low-interest rate lending: This program will incentivize the construction of affordable housing units in targeted areas of growth.Pre-sale and financing assistance: This initiative will help home builders pre-sell units and assist buyers with securing financing before construction begins.“We are looking forward to working with the state Economic Development Authority, Water Development Authority, the Infrastructure and Jobs Development Council, and other appropriate groups to make sure we spend this money efficiently to meet the housing needs of West Virginia,” Boggess said. “We need to pull the rope together to ensure that we capitalize on this investment now and in the future.”
|About the West Virginia Housing Development Fund
The West Virginia Housing Development Fund was established to increase the supply of residential housing for individuals and families of low to moderate income and to provide construction and permanent mortgage financing to public and private housing investors. The West Virginia Housing Development Fund is an Equal Housing Opportunity Lender, NMLS # 198038. For more information, visit www.wvhdf.com.